The Daily: Bitcoin surpasses Amazon to become world’s fifth-largest asset, analysts expect ‘long and exhausting’ crypto bull market ahead, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.I hope you had a good weekend, folks. Bitcoin set another all-time high above $123,000 early Monday, with analysts predicting more upside as U.S. "Crypto Week" gets underway.In today's newsletter, Bitcoin becomes the world's fifth-largest asset by market cap, Bernstein expects a "long and exhausting" crypto bull market ahead, Grayscale confidentially files for an IPO, and more.Meanwhile, bitcoin sceptic Vanguard becomes the largest shareholder in Michael Saylor's Strategy.Let's get started.Bitcoin surpasses Amazon to become world's fifth-largest assetBitcoin has become the world's fifth-largest asset, overtaking Amazon with a $2.41 trillion market cap as its price topped $123,000.Only Gold ($22.6 trillion), Nvidia ($4 trillion), Microsoft ($3.7 trillion), and Apple ($3.1 trillion) are larger, according to CompaniesMarketcap data.Bitcoin's recent rally is fueled by strong institutional ETF inflows, supportive U.S. policy signals, and improving macro liquidity conditions, according to Kronos Research CIO Vincent Liu.U.S. spot bitcoin ETFs have attracted over $3.7 billion in net inflows over the past seven days alone, underscoring sustained institutional demand.This is combined with expectations that U.S. lawmakers will advance key crypto bills like the Clarity and GENIUS Acts during "Crypto Week" over the coming days.Bitcoin would see further upside toward $130,000 to $150,000 if these factors hold up, and the market sees clearer signs of an interest rate cut from the Federal Reserve, Liu said.However, risks remain from fragile retail sentiment and the possibility of stalled ETF inflows or renewed regulatory uncertainty, he added.Bernstein expects 'long and exhausting' crypto bull market, BTC at $200K by early 2026Bernstein expects bitcoin to hit $200,000 by early 2026 as institutional adoption, rather than retail speculation, drives a "long and exhausting" crypto bull market.Analysts at the research and brokerage firm see regulatory clarity in the U.S. through the GENIUS and Clarity Acts boosting adoption too, reshoring trading, and legitimizing firms like Circle, Coinbase, and Robinhood.Tokenization, stablecoins, and blockchain integration into traditional finance will also help fuel growth in networks like Ethereum and Solana, reinforcing their investment case as the cycle broadens beyond Bitcoin, in Bernstein's view."It is easy to dismiss the current cycle as yet another crypto bull market," the analysts said. "We are seeing on-ground adoption and widespread integration with the traditional financial system. You may want to err on the side of our belief this time."Grayscale confidentially files draft IPO paperwork with SECGrayscale has confidentially filed draft IPO paperwork with the SEC, signaling another potential U.S. crypto listing after Circle's NYSE debut.Wall Street's crypto IPO pipeline is heating up under President Trump's pro-crypto stance, with Gemini, Kraken, Bullish, and others also lining up to follow Circle and Coinbase.The IPO would cap a busy 18 months for Grayscale following the conversion of its landmark Bitcoin and Ethereum trusts into ETFs.The confidential filing keeps Grayscale's share offering, valuation target, and timing under wraps until it's ready to gauge investor appetite, with firms typically unveiling a prospectus 15 days before a roadshow begins.Biotech firm agrees $888M merger to become Hyperliquid Strategies, launch HYPE treasurySonnet BioTherapeutics, Inc. has agreed to merge with Rorschach I LLC to form Hyperliquid Strategies, Inc. and launch a HYPE treasury initiative.At closing, the new Nasdaq-listed entity is expected to hold 12.6 million HYPE tokens and $305 million in cash, aiming to build one of the largest Hyperliquid strategic reserves.Investors including Paradigm, Galaxy, and Pantera are backing the $888 million-valued merger deal, designed to help provide U.S. investors access to the Hyperliquid ecosystem.Sonnet will keep its biotech business as a Hyperliquid Strategies subsidiary, with shareholders retaining rights to future payouts as the firm pivots to a crypto treasury strategy under new leadership.Strategy resumes bitcoin buys as total holdings surpass 600,000 BTCStrategy resumed its bitcoin buying spree after a one-week pause, acquiring another 4,225 BTC for approximately $472.5 million between July 7 and July 13, according to an 8-K filing with the SEC on Monday.Strategy now holds a total of 601,550 BTC — worth around $73 billion — bought for a total cost of around $42.9 billion.That's the equivalent of more than 2.8% of bitcoin's total 21 million supply and implies around $30 billion of paper gains.Meanwhile, Metaplanet also announced on Monday it had purchased an additional 797 BTC for $93.6 million, bringing its total holdings to 16,352 BTC.In the next 24 hoursU.S. CPI inflation data are out at 8:30 a.m. ET on Tuesday. Est. MoM 0.3%; Core 0.3%. Est. YoY 2.6%; Core 3.0%.U.S. FOMC members Michelle Bowman and Thomas Barkin will speak at 9:15 a.m. and 1 p.m., respectively. Bank of England Governor Andrew Bailey is scheduled to speak at 4 p.m.Starknet, Sei, and EigenLayer are set for token unlocks.Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. 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